Plus   Neg

Jeff Bezos Sells $2.8 Bln Worth Of Amazon Shares


The world's richest man is on a stock selling spree. Amazon.com Inc.'s founder and Chief Executive Officer Jeff Bezos sold more than 500,000 shares in the e-commerce giant in the first two days of August, raising $990 million.

According to documents filed with the Securities and Exchange Commission, Bezos sold 531,852 shares over the two-day period, representing about 1 percent of Bezos' total stake in Amazon.

Bezos donated 268 shares to an unnamed non-profit organization. The shares are worth about $500,000.

Over the last week, Bezos has sold stock worth about $2.8 billion, nearly 2.5 percent of his shares in the company.

After the stock sale, Bezos now owns 57.61 million shares in Amazon and still remains the company's biggest shareholder. His former wife, Mackenzie Bezos is the company's second largest shareholder.

The reason for selling shares is not known. However, Bezos said he plans to sell stock worth about $1 billion every year to fund his space startup, Blue Origin. The company is developing a heavy-lift rocket called New Glenn, scheduled for its first launch in 2021.

In May, Mackenzie had pledged to give at least half of the $36 billion fortune, which she received after her divorce with the world's richest man, to charity.

Mackenzie signed the Giving Pledge, an initiative founded in 2010 by Bill and Melinda Gates as well as Warren Buffett that encourages the world's wealthiest people to donate more than half of their wealth to charitable causes.

Among the five richest people in America, Jeff Bezos is the only person who has not signed on the Giving Pledge initiative.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Toyota Motor Corp. (TM) announced plans to invest $391 million at its pickup truck assembly plant in San Antonio, Texas. The investment is part of the Japanese automaker's plan to invest $13 billion in its U.S. operations over five years through 2021. The company said the investment will be used... Virgin Atlantic is set to challenge British Airways' dominance at London Heathrow as the carrier announced plans to fly to 84 new destinations from the airport when its third runway is opened. Chief Executive Shai Weiss said, "Heathrow has been dominated by one airline group for far too long. The... Walmart (WMT) on Wednesday announced that it is teaming up with Capital One to roll out two new credit cards designed to compete with cards from Apple and Amazon. The companies said the Capital One Walmart Rewards Credit Card Program with two new cards will launch on September 24. The program's Mastercard...
Follow RTT